Bipartisan Paycheck Protection Program Runs Out as Democrats Block Additional Funding

|
Posted: Apr 16, 2020 11:12 AM
Bipartisan Paycheck Protection Program Runs Out as Democrats Block Additional Funding

Source: AP Photo/Alex Brandon

The Small Business Administration made it official this morning: the bipartisan Paycheck Protection Program (PPP) has exhausted the funds originally legislated, capping at $350 billion. 

Senate Majority Leader Mitch McConnell (R-KY) and House Minority Leader Rep. Kevin McCarthy (R-CA) pleaded with Democrats to stop blocking additional funding for the program, which only hurts small businesses in need of relief.

In opposition to Republicans' push to legislate more funding, Speaker Pelosi claimed that there is no data proving that PPP would need more funding, despite the Small Business Administration's warning:

Democrats have refused additional funding for unless their list of unrelated demands is met. Republicans proposed a clean bill of an additional $250 billion in funding for the bipartisan program, with no ideological strings attached, but Democrats torpedoed the GOP effort.

Until PPP funding is renewed, Americans in the small business sector will continue to face financial hardship due to economic repercussions of COVID-19, while Democrats continue to hold funding hostage, and use relief bills to further their ideological agenda.

Editor's Note: Want to support Townhall so we can keep telling the truth about China and the virus they unleashed on the world? Join Townhall VIP  and use the promo code WUHAN to get 25% off VIP membership!